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đŸ’” Four Signs a Digital Dollar Is Coming (and Why You Should Care) đŸ’”
While a digital dollar is still likely years away, the U.S. government seems to be warming up to the idea of issuing its own CBDC.
October 09, 2022
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Key Takeaways

  • As authorities increasingly turn their attention to crypto regulation, several signs indicate that a U.S. CBDC may be on the horizon.
  • Authorities have warmed up to the idea in the months since President Joe Biden's executive order directing dozens of government agencies to develop reports on crypto policy.
  • While a CBDC would offer some benefits, it could also grant the Treasury and Federal Reserve unprecedented powers over the freedom to transact.

Introducing a “digital dollar” central bank digital currency would radically change how the world interacts with money, and based on recent developments, the U.S. seems to be open to the idea. 

What Are Central Bank Digital Currencies?

Money in the U.S. currently comes in three forms: central bank money, which represents a liability of the Federal Reserve; commercial bank money, which is a liability of the commercial banking sector and the most widely used form of money by the public today, and non-bank money, which are liabilities held by non-bank financial institutions (such as payment processors like PayPal). 

All three types of money carry different levels of credit and liquidity risk. For example, central bank money carries zero credit and liquidity risk because the Fed can create money ex nihilo. Commercial bank money or bank deposits, on the other hand, carry medium risk because banks can go bankrupt or run into liquidity issues—albeit these risks are, for the most part, mitigated by federal deposit insurance and banks’ on-demand access to central bank liquidity. Non-bank money or credit on payment processor accounts lacks the full protection of bank deposits, so it’s generally considered the riskiest.

Cash or physical currency is the only type of central bank money available to the general public in the U.S. today. The other type of central bank money comes in the form of “bank reserves,” which are only available to the commercial banking sector and are wholly inaccessible to the public. The most widely used money by the regular public today is commercial bank money, which comes in the form of bank deposits created ex nihilo when commercial banks create loans. 

The idea behind CBDCs, then, is to introduce a new form of money that resembles commercial bank money in that it’s purely digital and directly accessible to the public, but at the same time is issued by and represents a liability of the Fed (like cash) instead by commercial banks (like bank deposits). Therefore, this form of money would—in theory—be both the safest and the most easily transferable form of money available to the public in the future.

While there are many differences between CBDCs and cryptocurrencies like Bitcoin and Ethereum, perhaps the most fundamental one is that CBDCs are still someone’s liability—in this case, debt that the central bank technically owes to the CBDC holders—while Bitcoin and Ethereum are bearer assets that aren’t anyone’s liability and represent pure ownership.

Signs a Digital Dollar is Coming

While the U.S. hasn’t yet officially committed to creating and issuing a digital dollar in the form of CBDC, there have been several signals from top government agencies and officials over the last two years that suggest that the government is seriously considering the possibility.

On numerous occasions, Fed Chair Jerome Powell and Treasury Secretary Jenet Yellen have highlighted the government’s need to focus on this issue and ramp up its research and development efforts. “In light of the tremendous growth in crypto assets and stablecoins, the Federal Reserve is examining whether a U.S. central bank digital currency would improve on an already safe and efficient domestic payments system,” Powell said in his welcoming remarks at the International Roles of the U.S. Dollar conference in June. 

One year earlier, Yellen said in an interview with The New York Times interview that it made “sense for central banks to be looking at [CBDCs],” explaining that the U.S. has a problem with financial inclusion and that a digital dollar could help with that. “I think it could result in faster, safer, and cheaper payments,” she concluded.

Perhaps the most telling signs that a digital dollar could be coming are contained in the U.S. Treasury’s September 2022 report titled The Future of Money and Payments, which came in response to President Biden’s executive order on “Ensuring Responsible Development of Digital Assets.” In March, President Biden ordered several government agencies, including the Treasury, to submit reports on potential U.S. crypto regulation, including consideration of a CBDC. The subsequent reports indicate that, for the most part, the agencies support the idea.

The U.S. Treasury Supports CBDC Efforts

In responding to the White House, the U.S. Treasury encouraged the Fed to “continue its research and technical experimentation on CBDCs, including its work on analyzing the possible choices of technology and other design elements of a CBDC,” suggesting that issuing a digital dollar could be a desirable goal if “determined to be in the national interest.”

To support the Fed, the Treasury also noted that it would create and lead an inter-agency working group to support the responsible development of CBDCs. In the report, the Treasury pointed out that while creating a U.S. CBDC could take several years, it is necessary for the government to do so to secure the dollar’s primacy in the international financial order.

The Fed is Already Working on a U.S. CBDC

In a January discussion paper titled Money and Payments: The U.S.Dollar in the Age of Digital Transformation, the U.S. central bank said that it is “exploring the implications of, and options for, issuing a CBDC.” And while the Fed hasn’t yet made any explicit policy recommendations, like whether the government should issue a digital dollar or not, it has revealed that it is studying CBDCs from various angles, including through technological research and experimentation. 

Specifically, the Federal Reserve Bank of Boston is working with the Massachusetts Institute of Technology to explore potential technological solutions for a “retail CBDC” that would be available to the public. At the same time, the Federal Reserve Bank of New York has teamed up with the Bank for International Settlements to work on a “wholesale CBDC” that would be used only for interbank payments. Both of these initiatives prove that the Fed is serious about creating a digital dollar.

The White House Is Largely in Favor of a Digital Dollar

Last month, six months after President Biden signed the digital assets executive order, the White House published its first-ever comprehensive crypto regulator framework. In the paper, the White House encouraged the Fed and the Treasury to continue researching and developing a digital dollar and published its first policy objectives for a U.S. CBDC system. “A U.S. CBDC system, if implemented, should protect consumers, promote economic growth, improve payment systems, provide interoperability with other platforms, advance financial inclusion, protect national security, respect human rights, and align with democratic values,” the objectives stated.

Beyond providing broader regulatory guidelines on digital assets, the framework represents the first official public endorsement of the idea behind developing a U.S. CBDC and the clearest sign that the digital dollar could soon become a reality.

Crypto Is Adding External Pressure

The main reason the U.S. has been ramping up its CBDC research and development efforts over the last two years—and another argument for why a digital dollar could come sooner rather than later—is the pressure from the rapid global proliferation of cryptocurrencies and the fast development of competing CBDCs. 

Various regulators and lawmakers have explicitly noted the rapid growth of stablecoins as the key reason behind the need to innovate and improve the existing fiat payment systems. While dollar-pegged stablecoins drive further demand for the dollar internationally, they still represent a risky form of money domestically. Beyond that, the U.S. and the Fed are lagging on the CBDC front, bearing significant pressure to adapt. According to Atlantic Council’s CBDC tracker, 11 countries have launched CBDCs, 15 are running pilot programs, and 26 are currently developing. The U.S. and 45 other countries are still in the research phase.

Why Should You Care?

Perhaps the best way to explain CBDCs and why they matter is through a quote from the Bank for International Settlements chief Agustin Carstens. Explaining the difference between physical cash and CBDCs during a 2020 IMF panel discussion on cross-border payments, Carstens said:

“We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today. The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.”

Beyond having absolute control and complete insight into every economic transaction, introducing a digital dollar could completely change how the Fed conducts monetary policy. Instead of using indirect instruments like open market operations (quantitative easing and tightening) and the lowering and raising of the federal funds rate to control the money supply, with CBDCs, the Fed could control the interest rate on credit or the money supply across many individual accounts directly. 

Moreover, having all transactions in the economy recorded on a single ledger could give the Fed near-perfect insight into the direction the economy is heading. 👉 By combining the CBDC with AI and machine learning👈, the central bank could much better predict the behavior of individual users and the economy in aggregate, potentially prompting it to move from a market to a more centrally planned economy.

By virtue of being programmable, CBDCs also give the government the power to set an “expiry date” on money. That would essential allow them to force people to spend and drive economic activity artificially. 👉China has already experimented with this feature with its digital yuan.

It’s hard to believe that introducing a more centralized and censorable form of bank liability money would diminish the demand for non-custodial and uncensorable hard money assets like Bitcoin or Ethereum. 👉 If anything, the appeal of certain cryptocurrencies as stores of value or even “safe heaven” assets should grow as governments start to embrace CBDCs. 

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

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Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

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Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

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$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

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🎬Proof the Deep State Planned This War for Years🎬
Nation First outlines how the Israeli attack on Iran was planned by the Deep State and the Military Industrial Complex over 15 years ago.

Prepare to have your mind blown

~NamastĂ© 🙏 Crypto Michael ⚡ The Dinarian

Dear friend,

What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

It was a war plan written years ago — by men in suits, sitting in think tanks in Washington and New York. And yesterday, that plan was finally put into action.

Here’s the truth they don’t want you to know: this war was cooked up long before Trump ever became President — and it was designed to happen exactly this way.

Let’s start with what just happened.

Israel launched a massive, unexpected strike on Iran. They hit nuclear facilities. They killed military generals. They struck deep inside Iranian territory — and now the whole region is on edge, ready to explode into full-blown war.

The media is acting shocked. But I’m not. You shouldn’t be either.

Why?

Because we have the documents. They told us this was coming. Years ago.

Exhibit A: The Brookings Institution.

The Brooking Institution is a fancy name for what’s basically a war-planning factory dressed up as a research centre. Back in 2009, Brookings published a report called Which Path to Persia?

It laid out exactly how to get the U.S. into a war with Iran — without looking like the bad guy.

Here’s the sickest part:

“The United States would encourage — and perhaps even assist — the Israelis in conducting the strikes
 in the expectation that both international criticism and Iranian retaliation would be deflected away from the United States and onto Israel.”

Let that sink in.

They literally suggested using Israel to start the war, so America could stand back and say, “Wasn’t us!”

They even titled a chapter of this report: “Leave It to Bibi” — naming Netanyahu as the guy to light the match.

Exhibit B: The Council on Foreign Relations (CFR).

The Council on Foreign Relations is an another Deep State operation. Also in 2009, CFR published a “contingency memo” that laid out the whole military plan for an Israeli strike on Iran — step by step.

  • What routes the jets would fly (over Jordan and Iraq).

  • What bombs they’d use (the biggest bunker-busters in the U.S. arsenal).

  • Which Iranian sites to hit (Natanz, Arak, Esfahan).

  • And how Iran might respond (missiles, drones, threats to U.S. bases).

It’s like they had a time machine. Because those exact strikes just happened following the routes, likely using the bombs and hitting the sites that the CFR outlined.

Exhibit C: The Plot to Attack Iran by Dan Kovalik.

This one really blows the lid off.

US human rights lawyer and journalist Dan Kovalik, in his book The Plot to Attack Iran: How the CIA and the Deep State Have Conspired to Vilify Iran, shows how the CIA and Israel’s Mossad have been working together for decades — not just watching Iran, but actively sabotaging it. Killing scientists. Running cyberattacks. Feeding lies to the media to make Iran look like it’s always “six months away” from building a nuke.

He even reveals how they discussed false flag attacks — faking an Iranian strike to justify going to war. That’s not a conspiracy theory. That’s documented strategy.

And here’s where President Trump comes in.

Unlike the warmongers who wrote these plans, Trump wasn’t looking to bomb Iran. He wanted to talk. Negotiate. Make a deal — like he did with North Korea.

In fact, peace talks with Iran were just days away.

But someone didn’t want peace. Someone wanted war.

So Israel went in — just like the Brookings script said — and lit the fuse.

Trump didn’t authorise it. He didn’t want it. But they gazumped him. They went around him. And now, the peace he was trying to build has been blown to bits.

This was never about Iran being a threat. It was about keeping the war machine fed.

Think tanks, defence contractors, foreign lobbies — they don’t profit from peace. They thrive on tension. On fear. On war.

And now, thanks to them, the world’s one step closer to the edge.

If you’ve never trusted the mainstream media, you’re right not to.

If you’ve ever suspected there’s a shadowy agenda behind every war, you’re not paranoid.

You’re paying attention.

Because the documents are real. The war was planned. And the bombs are falling — right on schedule.

Pray for Iran’s civilians.

Pray for the Israelis caught in the crossfire.

Pray for a President who still wants peace.

And pray that we wake up before it’s too late.

Because the war has started.

But the truth has just begun to spread.

Until next time, God bless you, your family and nation.

Take care,

George Christensen

Source:

George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

George believes Nation First will be an essential part of the ongoing fight for freedom:

“The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.”

— George Christensen.

Find more about George at his www.georgechristensen.com.au website.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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